The Bank of Russia unexpectedly maintained its key interest rate at a record-high 21% , defying analysts’ expectations of another significant hike as inflation remains stubbornly elevated. The decision marks a shift toward a more measured approach in balancing economic growth and price stability. Key Details Inflation Concerns: Annual inflation climbed to 8.9% in November, well above the central bank’s 4% target , with inflation expectations reaching 13.9% in December. Policy Rationale: The central bank cited the significant tightening of monetary conditions after October’s 200-basis point hike as sufficient to resume disinflationary processes. Governor Elvira Nabiullina emphasized avoiding both economic overheating and severe slowdowns. Economic Overheating: Elevated government spending on the war in Ukraine and social programs, coupled with labor shortages and rising wages, have fueled strong domestic demand, exacerbating price pressures...
KUALA LUMPUR (Sept 28): Continuous buying in selected industrial products and services as well as healthcare counters lifted Bursa Malaysia to close at its intraday high on Tuesday, with more investors becoming more confident over the bullish domestic economic outlook, dealers said.
At 5pm, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) jumped 13.77 points or 0.9% to 1,546.82, from Monday’s close of 1,533.05.
The index, which opened 0.46 of-a-point higher at 1,533.51, moved to as low as 1,526.28 during the day.
However, market breadth was negative with decliners surpassing gainers 594 to 463, while 409 counters were unchanged, 837 untraded and 24 others suspended.
Turnover advanced to 5.45 billion units worth RM3.29 billion from Monday’s 4.38 billion units worth RM2.98 billion.
A dealer said the 12th Malaysia Plan (12MP) 2021-2025 tabled by Prime Minister Datuk Seri Ismail Sabri Yaakob in the Parliament on Monday seemed to have provided some boost to investors’ sentiments on the local market.
“As the 12MP aims to revive the country’s pandemic-hit economy, huge development expenditure was allocated and we reckon this should be positive for the construction sector as the sector provides the highest multiplier effect on the economy,” he said.
Meanwhile, ActivTrades trader Anderson Alves said Asian equities steadied on Tuesday after a mixed performance on Wall Street, where the US Treasury yields had climbed as the US Federal Reserve’s (US Fed) rhetoric reinforced the view that the time for the bond tapering process is close.
“Markets will be waiting for further comments from the US Fed chair Jerome Powell and policymakers.
“Evergrande's theme also continues to dominate sentiment, with the People's Bank of China saying it would ensure a healthy property market and protect home buyers' rights,” he said in a research note on Tuesday.
Back home, Petronas Chemicals Group Bhd and Hartalega Holdings Bhd were the top two contributors towards the benchmark index with a total of 8.76 points, as the counters rose by 39 sen and 53 sen to RM8.65 and RM6.06, respectively.
Among other heavyweights, Malayan Banking Bhd was flat at RM8.10, Public Bank Bhd added three sen to RM4.11, IHH Healthcare Bhd went up two sen to RM6.70, Tenaga Nasional Bhd improved five sen to RM9.90 and CIMB Group Holdings Bhd rose four sen to RM4.74.
Of the actives, Fintec Global Bhd and Pegasus Heights Bhd eased half-a-sen each to 1.5 sen and one sen, respectively, while KNM Group Bhd earned half-a-sen to 25 sen and Kanger International Bhd was flat at five sen.
On the index board, the FBM Emas Index gained 56.64 points to 11,331.83, the FBMT 100 Index was 59.55 points better at 11,028.99, while the FBM Emas Shariah Index perked up 88.64 points to 12,375.28.
The FBM 70 shed 70.72 points to 14,892.18, while the FBM ACE slipped 59.58 points to 7,186.08.
Sector-wise, the Industrial Products and Services Index gained 2.83 points to 204.09 and the Plantation Index went up 11.91 points to 6,335.56, while the Financial Services Index eased 0.46 of-a-point to 15,231.03.
The Main Market volume increased to 3.44 billion shares worth RM2.86 billion from Monday’s 2.74 billion shares worth RM2.46 billion.
Warrants turnover went up to 356.79 million units valued at RM56.92 million versus 339.78 million units worth RM54.45 million yesterday.
The volume on the ACE Market rose to 1.65 billion units worth RM373.08 million from 1.3 billion units worth RM461.82 million on Monday.
Consumer products and services counters accounted for 498.49 million shares traded on the Main Market, industrial products and services (999.7 million), construction (87.39 million), technology (409.22 million), SPAC (nil), financial services (51.71 million), property (556.61 million), plantation (16.99 million), REITs (6.72 million), closed/fund (112,500), energy (616.67 million), healthcare (90.54 million), telecommunications and media (32.74 million), transportation and logistics (50.1 million) and utilities (23.14 million).
Source: The Edge
Comments
Post a Comment